Binance's block on withdrawals is its latest response to recent regulatory issues in the U.K.
Shutterstock photo by doomu
Share this article
Binance has distributed a notice stating that exchange users are not able to withdraw British Pounds (GBP) and Euros (EUR).
EUR, GBP Withdrawals Blocked
“Please note that GBP Bank Withdrawals (via Faster Payments) have been temporarily suspended,” Binance noted in a message to users. “We are working to resume this service as soon as we can.”
A similar message says that EUR withdrawals are blocked as well.
Binance also noted that users are still able to buy cryptocurrencies with these currencies by using credit and debit cards.
Today’s actions are likely a result of Clear Junction’s decision to cut ties with the exchange. “We have decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals [for Binance]” Clear Junction said on July 12.
Clear Junction, a London-based financial company, has served as a payment processor for Binance since June 2020.
The Latest of Several Restrictions
Last week, a number of banks including Barclays and Santander blocked users from making payments to Binance. Additionally, Binance temporarily disabled SEPA payments last week for reasons that may be related to issues with Clear Junction.
Binance previously blocked GPB withdrawals via Faster Payments around June 28, citing maintenance as an issue.
The recent wave of restrictions is likely the result of an FCA warning that discourages U.K. banks from working with Binance.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
This week, several U.K.-based banks announced that they would block outgoing transactions to the crypto exchange Binance. Notably, Barclays and Santander both announced blocks on payments to Binance. There is...
U.K. Bank Barclays Blocks Card Payments to Binance
U.K. bank Barclays has informed customers that it will no longer allow card payments to the cryptocurrency exchange Binance. U.K. Bank Blocking Binance Transfers Barclays has blocked customers from making...
Binance CEO Addresses Exchange’s Regulatory Troubles
In an open letter, Binance CEO Changpeng Zhao outlined the regulatory progress the exchange has made, its plans for further compliance, and its willingness to cooperate with authorities worldwide. Binance...